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  • ametrosixual ametrosixual Jun 25, 2013 11:52 AM Flag

    Oppenheimer Analyst Confirms Jefferies Holiday Quarter iPhone Sales -25M Reduction

     

    Oppenheimer analyst Ittai Kidron lowered his earnings estimate for the June quarter, and cut his price target to $460 from $480, as Apple gets set to refresh the iPhone. He expects Apple will sell 26 million iPhones in the quarter, down from 27 million previously.

    While an iPhone refresh is well known in the marketplace, Kidron now expects this to happen in September, something he didn't before. "We're adjusting our June estimates accordingly (lower ASP on mix shift/slight unit cut) to slightly below consensus," Kidron wrote in the note. "We're also significantly pushing back our iPhone estimates for the September quarter as our previous expectation for the timing of a new iPhone release looks overly optimistic." Kidron rates shares "outperform."

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